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Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.

Nearly 86% of the loans have been modified; by comparison, a higher percentage of loans backing Citi's previous deal, 97.2%, were modified.

The future secondary mortgage market entities will receive high investment grade ratings, even as there is no clarity on their scope or form, Fitch Ratings said.

Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.

The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.

The agency’s acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.

The Market Center buildings in San Francisco's South Financial District includes Uber, Mindspace and TIBCO Software as tenants.

The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney proposed dramatic curbs to his agency's power in a report Monday, including a recommendation that all CFPB rules must be approved by Congress.

Managers are regaining the ability to amend older deals that they previously locked down to maintain risk-retention exemptions.

Momentum to overhaul the mortgage finance system had been slipping, and with Democrats divided over the Senate's banking relief bill there's virtually no chance more bipartisan deals can be worked out.

The annual progress report on the Fannie Mae and Freddie Mac conservatorships reiterated that a new credit score model will likely not be operational until after the implementation of a new Single Security Initiative.

No reason was given for his exit by the Silicon Valley lender, which named another prominent economist, Susan Athey of Stanford, to its board of directors.

Lenders should not get so desperate chasing volume by originating lower credit non-qualified mortgage products that they are inviting the next regulatory crackdown, said David Stevens, the Mortgage Bankers Association's CEO.

After several years of preparation, Fannie Mae and Freddie Mac will start issuing a new, common mortgage-backed security starting June 3, 2019, the Federal Housing Finance Agency said Wednesday.

The non-bank lender's $299.8 million prime, high-balance deal is no surprise; it follows a warehouse securitization last year. Angel Oak is also in the market with a $238.8 million deal.

The U.S. CLO manager breaks the ice with its first euro-denominated deal, which priced Friday and will close in May when it is about 75% ramped up.

The deadline to seek an en banc hearing has now passed, and skin-in-the-game rules for collateralized loan obligations could be off the books by April 2.

The deadline to appeal the rollback of risk-retention requirements for CLO managers expired at midnight last night, but Voya Alternative Asset Management is not taking advantage.

Banks would welcome a proposal to loosen Basel III capital restrictions because it would make holding mortgage servicing rights easier and stem the recent exodus of depositories from the servicing business, executives said.